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FXC Intelligence, a data platform specializing in the cross-borderpayment and e-commerce sectors, has released its annual selection of the world’s most promising cross-borderpayments companies in 2024. Another company from Singapore featured on the list is Tazapay.
XTransfer, a B2B cross-borderpayment platform, made its debut at the Singapore Fintech Festival (SFF) 2024 as a Gold Sponsor. The company aims to expand its presence in Southeast Asia, offering secure and efficient payment solutions to SMEs in the region. ” said Bill Deng, Founder and CEO of XTransfer.
The Bank for International Settlements (BIS) and a group of central banks have successfully completed Project Mandala demonstrating automated compliance for cross-border transactions. We are optimistic about the potential of these early results to enhance crossborderpayments.”
1 B2B Cross-Border Trade Payment Platform , was granted the Major Payment Institution (MPI) License under the Payment Services Act 2019 by the Monetary Authority of Singapore (MAS). This significant milestone strengthens XTransfer’s leading position in the B2B cross-borderpayments industry.
Cross-borderpayment firm XTransfer has received the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The company, founded in 2017, specialises in cross-borderpayment solutions tailored to small and medium-sized enterprises (SMEs).
Market Size Value of cross-borderpayments is estimated to reach a minimum $ 250 trillion by 2027. Global non-cash commercial payments will grow at a CAGR of 11.3% 60% of corporate banks agree that cross-border real-time payments infrastructure brings a revenue opportunity.
(Skyee) is excited to announce that it has been granted In-Principle Approval (IPA) for the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). Skyee is a wholly owned subsidiary of Skyee Group a Chinese leading crossborderpayment solution provider in China, Europe, North America and North Asia.
Bank Alfalah , a commercial bank in Pakistan with a network of over 1,000 branches, has acquired a stake in Jingle Pay , a UAE-born fintech specialising in cross-border money transfers licensed by the Dubai Financial Services Authority (DFSA). per cent equity in the fintech firm.
The Monetary Authority of Singapore (MAS) has grantedChina-based B2B cross-border trade payment platform, XTransfer , a Major Payment Institution (MPI) licence, enabling it to provide a range of money transfer services in the region.
In this exclusive Fintech Review interview, Adam Swartzbaugh, CEO of Almond FinTech , discusses transformative cross-borderpayment technology. Almond’s blockchain-driven Settlement Optimization Engine (SOE) addresses critical speed, transparency, and cost challenges in cross-borderpayments.
With so many countries looking towards centralised digital assets, we set out to find out how these would impact the cross-borderpayments market. However, CBDCs will not be the silver bullet to developing and accelerating cross-borderpayments.
The Reserve Bank of India (RBI) has initiated discussions with the Hong Kong Monetary Authority (HKMA) , the US Federal Reserve, and the international payment platform SWIFT to explore the use of central bank digital currencies (CBDCs) for cross-borderpayments.
Singapore and China have agreed to collaborate on a pilot programme that uses the e-CNY, China’s central bank digital currency (CBDC), for cross-border transactions. This programme is designed to ease payments for travelers from both countries during their overseas visits.
A new report by Deloitte delves into the latest developments in the cross-borderpayment sector in Asia-Pacific (APAC), identifying four major trends reshaping the landscape and offering significant opportunities for merchants. This partnership enables tourists to use familiar payment methods while being abroad.
Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong has reiterated the Monetary Authority of Singapore’s (MAS) ongoing efforts to combat cross-borderpayments scams. The post MAS Reiterates Robust Controls on Cross-BorderPayments to Combat Scams appeared first on Fintech Singapore.
With firms spending roughly $120billion (S$154.2billion) on cross-border transaction fees, alternatives are being sought after. According to a new report from the Project Guardian FX industry group, implementing tokenised bank liabilities and shared ledgers in cross-borderpayments and FX is a viable solution.
The ambitious initiative is targeting to transform cross-borderpayments in Southeast Asia (ASEAN) initially, before the broader Asia Pacific (APAC) region and, eventually, the world. Nexus is designed to standardise the way domestic payment systems connect with each other across borders.
Deep Dive Opinion Library Events Press Releases Topics Sign up Search Sign up Search Retail Banking Restaurants Regulations & Policy Risk Technology B2B An article from Dive Brief Tensec raises $12M to boost growth Meanwhile, other cross-borderpayment firms have raised millions in recent weeks to bolster their international expansion.
Licensed as a Major Payment Institution (MPI) by the Monetary Authority of Singapore (MAS), OPAL offers domestic and cross-borderpayments, payment accounts, and e-money services. OPAL, a neobank startup, has been steadily growing in the financial hub of Singapore since its inception in 2019.
FXC Intelligence, a data platform specializing in the cross-borderpayment and e-commerce sectors, has released its annual selection of the world’s top cross-borderpayment companies, recognizing the leading publicly traded companies, startups and private companies operating in the space worldwide.
Cross-borderpayments are transforming rapidly with evolving regulations and technological advancements. Addressing regulatory compliance Businesses, including EMD Agents, face a challenge in cross-border transactions: complying with anti-money laundering (AML) and know-your-customer (KYC) regulations.
Within the research , Juniper Research found instant payments will revolutionise B2B payments by enabling cheaper and more secure cross-border trade. They will reach 42 per cent of all cross-borderpayments by 2028, at $16trillion; up from just 17 per cent in 2024, at $5trillion.
It may seem that cross-borderpayments were in the … well … crosshairs this past week, with a number of country-by-country and company-by-company initiatives using blockchain and other methods to speed payments and lower fees. These shortcomings make the cross-borderpayment industry ripe for disruption and innovation.
BC Payments, a Singapore-based subsidiary of Luxembourg-licensed bank Banking Circle , has received in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. Banking Circle is regulated by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg.
Emerging trends such as cross-borderpayment systems and open banking initiatives are breaking down traditional barriers, fostering greater connectivity and efficiency in Asias financial landscape. This initiative demonstrates the growing focus on regional collaboration in the payments sector. billion in 2022 to 96.2
(BC Payments Singapore) has received the In-Principle Approval (IPA) for the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This IPA marks a significant milestone for BC Payments Singapore.
PayFuture Group , a rapidly growing payment provider specialising in emerging markets, has secured an Electronic Money Institution ( EMI ) license by the Malta Financial Services Authority (MFSA) under the entity PayFuture FS MT Ltd. PayFuture ).
DLocal, the leader cross-borderpayment platform specializing in emerging markets, proudly announces the obtaining of three pivotal licenses and authorizations.
In a recent interview, Rohit Narang, Vice President for the Asia-Pacific region at Visa Cross-Border Solutions, powered by Currencycloud, shared insights into the acquisition of Currencycloud by Visa, shedding light on the evolution of their collaboration and the impact it has had on global money movement.
Chinese visitors will soon be able to use digital yuan for “tourist spending” in Singapore as part of a pilot to test the use of China’s central bank digital currency (CBDC) for cross-borderpayments. China and Singapore to launch cross-border digital yuan pilot was written by Tom Phillips and published by NFCW.
“For Visa, this is an opportunity to deliver innovations that enhance payment experiences across Asia Pacific with greater flexibility, security, and convenience. Visa is committed to meeting the evolving demands of consumers and merchants, ensuring seamless and secure payments.”
Currencycloud, a Visa solution, is granted preliminary approval for a major payment licence from the Monetary Authority of Singapore (MAS). Currencycloud expects to successively roll out its new services in the coming months, to complement its suite of offerings aimed at cutting friction in traditional cross-border money movement.
A consortium of central banks has formally established Nexus Global Payments (NGP) in Singapore to manage a new multilateral cross-borderpayment system. NGP, incorporated as a non-profit company limited by guarantee, will oversee the operationalisation of the Nexus scheme.
The year saw nearly universal adoption of cashless payments and milestones in cross-borderpayment linkage initiatives, notably through Project Nexus. Crossborderpayments and digital advances in Singapore Singapore has made advancements in digital payments and emerging challenges in cross-border interoperability.
According to the new Simplifying Cross-BorderPayments Playbook , there are five key criteria that an ideal cross-borderpayment solution should meet: speed, security, compliance, transparency and ubiquity. How Cross-BorderPayments Are Made. So, what’s the problem? What’s Changing?
James Hurren explores what early CBDC deployments across Asia, the Caribbean, and Europe reveal about usage, adoption, and the future of cross-border digital money. Central bank digital currencies (CBDCs) have rapidly evolved from theoretical concepts into live pilots and national deployments.
We are committed to advance inclusive growth through AI-powered innovation and collaboration on cross-border travel, trade, commerce and inclusive finance. Based in Singapore, Ant International provides partners across industries and markets a comprehensive range of digital payment and financial technology solutions.
The Monetary Authority of Singapore ( MAS ) and the Association of Banks in Singapore ( ABS ) have announced plans to establish a new entity to oversee Singapores national payment schemes.
The central banks of Vietnam and Cambodia officially launched a cross-border QR payment linkage between the two neighbours on December 3, 2023, at a launching ceremony in Cambodia’s Siem Reap province. The post Vietnam and Cambodia Unveil Cross-Border QR Payment Connectivity appeared first on Fintech Singapore.
dLocal , a leading cross-borderpayment platform, and AZA Finance , a prominent fintech company specializing in payments and foreign exchange in Africa, have entered into a strategic partnership that expands the service offering capabilities of both partners through mutual cross selling.
The Bank for International Settlements (BIS) has completed a comprehensive blueprint for the third phase of Project Nexus, enabling ready participants to work towards the next stage of seamlessly connecting their instant payment systems (IPSs). Digital payments have quickly evolved to send money from person to person in a matter of seconds.
Global travel may be down, and border restrictions remain in-place, but that doesn’t mean cross-borderpayment volumes have taken a hit. For card issuers, there is the competitive advantage of a more favorable payments experience for customers which will drive more top-of-wallet usage for cross-border transacting.
Clear Junction , a global leader in cross-borderpayments for regulated financial institutions, has revealed a significant gap in the preparedness of payment industry leaders to navigate the complexities of the Markets in Crypto-Assets Regulation (MiCA) regulation, which is now in effect across the EU.
The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have announced the incorporation of a new entity, Singapore Payments Network (SPaN), to oversee the administration and governance of the country’s national payment schemes.
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